This time already for the sixth year, Onno presents a case study in the Food-, Agri- and Horti- Business Module of the Nyenrode Food & Finance Executive MBA, led by Prof. Dr. Siem Korver. Our contribution to this Module focuses on the strategy of FrieslandCampina - in an ever-changing international landscape. The first case study, presented in Sep07, centered around the question of the benefits of a hypothetical merger between Friesland Foods and Campina - and three months later the merger announcement surprised us all. The second year we challenged students to solve a scenario is which some 20% of the business, mainly in the Netherlands, would have to be off-loaded following the Commission’s consent with the merger. Again, we weren’t all too far from the decision announced three months later. And the case study we’re updating now for the third year discusses the evolution of FrieslandCampina into a truly global company and cooperative, looking at Fonterra and/or Arla as possible collaboration partners. Students must decide on a logical combination and suggest the nature of the future relationship. The integration now being fully completed and synergies delivered ahead of schedule, with Arla Foods’ decision not to offload the international business in a separate entity so as to be able to attract external capital, and with Fonterra’s share trading plan being stalled until after November’s elections - timing may be opportune to ‘finally’ see a move forward between the three... Who knows!